With self-storage supply pressure easing, the pace of advertised rate declines for the sector has continued to slow. Across the country, advertised rates were down 1.2% year-over-year in January, with annualized average rent per square foot of $16.32 for all unit sizes and types. This represents an improvement from a decrease of 2.2% in rents in December and a 2.4% decrease in November, according to Yardi Matrix’s February national self-storage report.
From December to January, the national average advertised rate per square foot increased by 0.3%, a notable improvement from the month-over-month performance in January 2024 of -0.6% and January 2023 of -0.1%, according to the report.
The share of projects under construction nationwide dropped 10 basis points in January from December. Three-year supply has been slowly dropping on a national level over the past year, from 9.1% in January 2024. The slowdown in deliveries will be a tailwind for the sector, said Yardi Matrix, which predicts supply in 2025 will drop 15% from 2024.
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